Munich Re forecasts €500 million dip in ’08 profit
21 April 2008
Munich Re has forecast a dip in net profit of least €500 million ($849 million) for the year due to an increase in claims in the first quarter...
International
Islamic insurance set to take off
21 April 2008
The Islamic “takaful” insurance market will be worth $US4.3 billion ($4.6 billion) within two years, an Ernst & Young report reveals...
US commercial rates still dropping
14 April 2008
US insurance premiums are continuing to fall, with the largest decreases since Hurricane Katrina recorded in the last quarter...
Investments, reserves prop up US financials
14 April 2008
The US property/casualty insurance industry has achieved its second-best combined ratio in the past four decades, despite a deteriorating underwriting performance...
S&P warns of recession risk for UK insurers
14 April 2008
Deteriorating economic prospects and a risk of recession in the UK are a concern for the country’s non-life insurers, according to a Standard & Poor’s report...
… as US commercial rates cause concern
14 April 2008
S&P also warns if US commercial rates continue to fall at the current rate, the outlook may turn to negative in the second half of this year...
Atlantic storms on the way
14 April 2008
An intense Atlantic hurricane season is forecast with eight storms expected to develop in the region this year, according to Colorado State University’s Tropical Meteorology Project...
Solvency II presents capital challenges for Euro insurers
14 April 2008
European insurers may need to adjust their capital reserves for the upcoming Solvency II regulation regime, according to a ratings agency chief...
Even the US Treasury wants one insurance regulator
07 April 2008
The US Treasury has called for federal regulation of the insurance industry, to overhaul the present cumbersome system where more than 50 state regulators – some of them elected…
AIG sues former CEO and directors
07 April 2008
American International Group is suing former CEO Maurice “Hank” Greenberg and six ex-directors and officers for breaching their fiduciary duty to the company...
Non-US reinsurers get raw end of deal
07 April 2008
After months of discussion, the US National Association of Insurance Commissioners has formally adopted a framework to reform US reinsurance regulation...
Willis and Marsh comply with New York settlement terms
07 April 2008
Brokers Marsh and Willis are complying with settlement terms reached with the New York State Insurance Department and Attorney-General, according to a review…
NZ sees inside running for China insurance market
07 April 2008
New Zealand Trade Minister Phil Goff is scheduled to sign a free trade agreement with China today, and insurance is expected to be among the services granted special access…
Willis Re highlights competitive market
07 April 2008
A competitive market is forcing reinsurers to cut rates, with profit unlikely to match gains made in 2007, according to Willis Re...
Flood UK insurance industry’s biggest risk
31 March 2008
Floods are the greatest risk of all natural catastrophes facing UK insurers, according to a customer survey by a major emergency management consultancy...
Marsh opens in Dubai
31 March 2008
Global broker Marsh has established a financial and professional services practice in Dubai, where it will market specialist insurance products to the Middle East...
US tornado damage estimate rises
31 March 2008
Insured losses from a devastating tornado that struck the US city of Atlanta, Georgia, and subsequent storms in other parts of the state on March 14-15 have risen to US$250 million…
China’s life insurers doing well
31 March 2008
China’s largest life insurers have announced steep climbs in profit for 2007...
AIG settles over bid-rigging allegations
31 March 2008
American International Group has reached a US$13.5 million ($14.7 million) settlement with the Pennsylvania Insurance Department over bid-rigging claims...
Aon founder Ryan set to retire
31 March 2008
Aon Executive Chairman Patrick Ryan will retire on August 1 from the brokerage he founded...